News Report
September 14, 2022

New York’s MoMA considers buying NFTs after a $70 million art collection auction

moma nft

The William S. Paley Foundation, which provided MoMA with one of the most important private collections, will auction off $70-$100 million worth of art. The proceeds will be used to expand the museum’s digital presence, which includes launching an art-related streaming channel, as well as hosting virtual exhibitions and video chats. However, there is another facet of this endeavor: The museum will be collaborating with educational institutions and possible acquisitions of digital art NFTs. A portion of the auction’s sales will also go to philanthropic causes pursued by the late Paley.

The collection includes works by renowned artists, such as Picasso, Bacon, Rousseau, Rodin, and Renoir. The art pieces were gathered by the founder of the CBS broadcasting network, William S. Paley, who held the artwork until his death in 1990.

Auctioned works include Pablo Picasso’s “Guitar on a Table” (1919), Francis Bacon’s “Three Studies for Portrait of Henrietta Moraes” (1963), and Pierre-Auguste Renoir’s still life of strawberries (1905). Later this year, auction house Sotheby’s also plans to auction off 29 of Paley’s 81 pieces at MoMA.

William S. Paley’s son, Bill Paley, is now the foundation’s vice president. He told WSJ that his father was “always keen on learning about and adopting new technologies,” which supports the museum’s goal to extend its digital presence.

The museum has seen its revenue drop during the pandemic due to visitor restrictions from the public health crisis, so it needs to make up for the loss in income. MoMA director Glenn Lowry told WSJ that the museum usually sees three million annual visitors, but last year, the number dropped to 1.65 million. However, MoMA’s social media network saw a 5 million follower increase within a year, from 30 million to 35 million, so clearly, there is interest in MoMA.

Traditional museums see benefits from Web3. Boston’s Museum of Fine Art released an NFT collection to fund art conservation works, Antwerp’s Royal Museum started a project to tokenize fine art, and the Vatican has set plans to create an NFT gallery for history lovers.

Read related posts:

Tags:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

Hot Stories
Join Our Newsletter.
Latest News

Supply and Demand Zones

Cryptocurrency, like any other currency, is a financial instrument based on the fundamental economic principles of supply ...

Know More

Top 10 Crypto Wallets in 2024

With the current fast-growing crypto market, the significance of reliable and secure wallet solutions cannot be emphasized ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Binance Completes Stratis Token Swap and Redenomination, Initiates STRAX Trading and Borrowing Services
News Report Technology
Binance Completes Stratis Token Swap and Redenomination, Initiates STRAX Trading and Borrowing Services
March 28, 2024
Bybit Launches VELAR Token on Launchpad, Offers Early Access to Investors
News Report Technology
Bybit Launches VELAR Token on Launchpad, Offers Early Access to Investors
March 28, 2024
Celestia Deploys Blobstream Data Proof Bridge On Base Mainnet
News Report Technology
Celestia Deploys Blobstream Data Proof Bridge On Base Mainnet
March 28, 2024
Bitcoin Layer-2 Project BEVM Unveils Mainnet Launch
News Report Technology
Bitcoin Layer-2 Project BEVM Unveils Mainnet Launch
March 28, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.